Transferring an Truck asset to S Corp

[Liberty999]

We were sole proprietor 1/1/2019-to 5/31/2019 

Opened S Corp 6/1/2019 

How do I transfer a truck that I have a loan on that last year I depreciated the whole amount?  

[VictorW9]

You will have to close the sole proprietorship and transfer the assets and liabilities to the new S corp. If you are the only shareholder of the S Corp, then this should not be too complicated. You will continue to assume the liability of the truck. This could be a bit messy if the S corp has one or more shareholders.

[Rick19744]

Make sure you read @VictorW9 response carefully.

It indicates that you retain the liability.

If you don't (you contribute the truck with the debt), based on your facts, you will have gain.

Keep this in mind as you personally must continue to pay the debt.